Did you know that Internet-of-Things and Blockchain working together to make the world a better-connected place? Internet-of-Things may sound vague and opaque. However, that’s the best thing i.e. exploding this industry. To clarify, the Internet-of-Things (IoT) is a generalized term that explains how a smart device communicates with another. Firstly and most importantly, IoT is developed to make phones, fitness trackers and other tech-enabled devices smart. However, it is now exploring new opportunities with Blockchain Technology.
New reports came where IoT and Blockchain are working together in unison to make the world a better-connected place. Examples of Internet-of-Things and blockchain includes everything from ledger security on industrial IoT equipment to blockchain used as a method to track and trace IoT enabled shipping containers.
Top Companies using Internet-of-Things and Blockchain Together for a Better-Connected World
Helium is the world’s first decentralized machine network that uses Blockchain to connect low power IoT machines to the internet. The blockchain-based wireless internet infrastructure uses radio technology to strengthen internet connection and drastically reduce the power needed to run smart machines. Recently, the Helium team has successfully carried out its first blockchain transaction. As a result, the company now aims to implement its nods to test peer-to-peer decentralized networks across the UK, Boston, and California.
Chronicled has merged IoT products with Blockchain technology to deliver an end-to-end supply chain solution. Focusing on the food supply and pharmaceutical industries, the company uses IoT enabled shipping containers and sensors to deliver real-time updates on shipping processes. However, the implementation of blockchain into their IoT devices is a smart move. Because it allows all parties in the process to be fully aware of the chain of custody and for problems.
Meanwhile, Chronicled has also gone through developing a technical pilot that demonstrates how supply chain events can be registered on a blockchain. Blockchain takes stringent data privacy policies and complicated handling rules into accounts to record a supply chain of events.
ArcTouch builds and develops a range of blockchain-based software for a wide variety of smart and connected items; including and not limited to voice assistants, smart TVs, wearables, etc. Besides, the company has built dozens of personalized and decentralized applications that link to IoT devices. ArcTouch’s applications that provide an extra layer of IoT security to process agreements faster through smart contracts. The company gains its experience in using Internet-of-Things and Blockchain together in several applications.
Cybersecurity Concerns in IoT
The concerns for data integrity and individual privacy also increases with the expansion of IoT’s global exposure. Several logical vulnerabilities in IoT devices open doors for cybercriminals. Hackers can take advantage of easy passwords, exposed IP addresses, and public serial numbers that allow a criminal to take full advantage of any device. There are dozens of cases reported due to the current lackluster IoT cybersecurity protocols. With more than 8.5billion connected devices worldwide, the IoT industry could use a serious cybersecurity overhaul. And, Blockchain technology could be the real-time solution for this dire need.
Togetherness of Internet-of-Things and Blockchain has a Bright Future
One of the most attractive characteristics of blockchain that makes this technology a stand out in any industry is its ability to secure data and thwart cyber attacks. Blockchain technology is mostly preferred nowadays because it’s transparent and completely encrypted. Blockchain gives a unique code to the user that personally identifies him/her in the chain. However, the name behind the code doesn’t get revealed. The main security advantage of a decentralized ledger is that if hackers somehow enter the chain, they’re able to get a minuscule amount of data before the other nodes of the chain realize there has been a breach. Combining this decentralized security system with a transparent ledger gives blockchain the upper hand in cybersecurity.
Blockchain technology has the potential to make the IoT industry faster. Making payments and executing contracts with a peer-to-peer model is now easier than ever. Blockchain-based smart contracts can remove the need for third-party and make decisions on approval/disapproval almost immediately. This will not only save countless hours but also save millions of dollars each year.
Blockchain technology has the potential to IoT industry the speed it needs to become a trillion-dollar industry. What do you have to say? Don’t forget to comment.
Know more about Blockchain technology Right here